The pre-merger value of an out-of-state bank’s shares may not be used in the calculation of the bank and trust company shares tax after a merger with an in-state bank, the Commonwealth Court has ruled, rejecting exceptions to an earlier decision filed by the government.
In First Union National Bank v. Commonwealth, PICS Case No. 05-1681 (Pa. Commw. Oct. 20, 2005) Cohn Jubelirer, J.; Smith-Ribner, J., dissenting (12 pages), the 6-1 en banc panel upheld a February decision of the court reversing the state Department of Revenue’s 1999 computation of the shares tax liability for the newly merged First Union National Bank.
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